Noida, Feb 15 (IANS): The Income Tax Department conducted search operations at multiple places in Noida belonging to a real estate businessman in connection with alleged tax evasion case, sources said on Tuesday.

A source said that suspicious money transactions of Rs 10 crore were detected by them following which the raids were conducted at the businessman's premises in Sectors 9 and 10.

The source privy to the raid that they started the search operation on Sunday evening following the input received from various financial intelligence units, and cash, amounting to Rs 50 lakh, was seized by the officials during the raid.

"A lockers of his office will be opened tomorrow (Wednesday). We have hope that we will recover incriminating documents from the said locker," said the source.

The source said that the businessman couldn't give him any satisfactory answer regarding a few money transactions. He also failed to produce any documents regarding the seized cash.

The IT officials have recorded the statements of the businessman and his employees in the matter.

It will now summon his chartered accountant to know about his business partners. The CA will also be grilled about accounts details of the last three years and "suspicious transactions".

Further investigation is underway.